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Ethereum Soars 5% After SEC Ends Investigation; Whale Activity Increases

ETH Price Shoots 5% As SEC Ends Ethereum Investigation, Whale Activity Jumps.

Wed, 19 Jun 2024, 09:05 am UTC

The price of Ethereum (ETH) surged by 5% following the SEC's announcement that it would conclude its investigation into Ethereum's security status. This development, coupled with significant whale activity, has boosted market sentiment and optimism.

SEC Ends Ethereum Investigation, Approves Spot ETF as ETH Price Rallies 5%

In a recent report by CoinGape, the Ethereum community is in for a significant development from the U.S. Securities and Exchange Commission (SEC) as it prepares to approve the highly anticipated spot Ethereum ETF. The SEC has informed ConsenSys of its intention to conclude its investigation into Ethereum's security status.

This news has had a tangible impact, with the Ethereum (ETH) price experiencing a solid rebound, increasing by 5% and approaching the $3,600 level once more. Notably, one of the Ethereum whales acquired 5603 ETH shortly after the announcement, further underlining the importance of the SEC's actions.

As previously disclosed, ConsenSys has contacted the SEC to inquire about the status of its investigation into Ethereum 2.0. Additionally, in a letter sent earlier this month, CensenSys requested clarification from the SEC regarding whether the approval of the spot Ethereum ETF would lead to the conclusion of its ongoing investigation.

ConsenSys has demonstrated its unwavering commitment to seeking additional regulatory clarity regarding its user interface software, MetaMask Swaps, and Staking. In a lawsuit, ConsenSys has sought a declaration that the provision of these features does not violate securities laws under any circumstances, showing their confidence in the legality of their actions.

The Ethereum software company has also expressed dissatisfaction with the necessity of litigation to establish the regulatory clarity necessary for the industry to flourish. ConsenSys asserted that the advancement of crypto technologies and innovations is contingent upon establishing explicit guidelines.

The U.S. SEC has not yet charged ConsenSys with any violations of the MetaMask Wallet's swaps and staking features in response to the Wells Notice. In April, ConsenSys disclosed the Wells Notice to the public, suggesting that it may be subject to charges in the future days and weeks.

Ethereum Rebounds to $3,600 as Whale Activity Boosts Market Sentiment Following SEC Decision

The Ethereum price has experienced a significant rebound from its weekly nadir of $3,381. The ICO behemoth has been selling Ethereum recently, but other major players have also jumped in to acquire the supply from the exchange.

According to on-chain data provider Santiment, in the past 19 days, a significant whale has withdrawn 16,604 ETH, valued at $58.6 million, from the crypto exchange Binance. This activity, along with reports that the ETH whale acquires the tokens at an average value of $3,600, has contributed to the positive sentiment in the market.

Intriguingly, the whale acquired an additional 5,603 ETH, valued at $19.7 million, an hour after the SEC announced the permanent suspension of the Ethereum investigation.

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